Purgatory. It may be the best word to describe the commercial real estate world in 2009. Sellers weren’t selling. Buyers weren’t buying. Lenders weren’t lending. And fear prevailed.

All that led to a defensive property management strategy. But the tide is turning in 2012. Indeed, there is more clarity in the market. Trend lines are visible. And commercial real estate professionals are better equipped to manage what’s coming down the pike. The result is that asset management has become more forward thinking and proactive than fearful or defensive.

So the questions are, what is coming down the pike and what is the best response? How should opportunities in broken projects and debt be managed in 2012 compared to 2009? Where are the opportunities and what challenges remain to get the best return on eventual resales?